Ex-FSA chief Pain joins RBS as head of conduct

Jon Pain, a former managing director and one-time interim chief executive of the Financial Services Authority (FSA), is to join state-owned Royal Bank of Scotland (RBS).

Pain, who joins from KPMG, will be head of conduct and regulatory affairs, a new position which RBS chief executive Stephen Hester said "sends a clear message" the bank is determined to clean up its reputation after becoming embroiled in a string of scandals. RBS was fined £390m for rigging the Libor inter-bank interest rate and has set aside about £3bn for payment protection insurance and interest rate swap mis-selling. Pain, the former managing director in charge of supervising banks and insurers at the FSA, left the City regulator in 2011 ahead of the coalition government's plan to...